Charan Raises KRW 10 Billion in Series A, Boosts Secondhand Fashion Market
Reading Time: 2 minutesThe South Korean fashion recommerce service ‘Charan’, operated by Mine.is, has successfully raised KRW 10 billion in Series A funding. To date, Mine.is has garnered a total investment of KRW 15.4 billion. This funding round was led by HASHED, with additional contributions from Altos Ventures, SBVA, Delivery Hero Ventures, and Hana Ventures.
Charan specializes in the consignment sale of secondhand clothing. Through the Charan app, users can request pickup of their items, which Charan then cleans, photographs, lists for sale, and delivers. The app offers buyers the opportunity to purchase popular brands, including luxury and contemporary, at discounts of up to 90% off original prices.
Since its debut in August 2023, Charan has experienced rapid growth, reaching 200,000 users in just eight months. Its monthly revenue in March this year increased 4.5 times over December of the previous year, marking a ninefold rise since its launch.
Mine.is credits its growth to the rising interest in sustainable fashion and improved perceptions of used goods, which have expanded the global secondhand market. The market, valued at $177 billion (approximately 244 trillion KRW) in 2022, is projected to grow to $350 billion (about 483 trillion KRW) by 2027.
Charan simplifies the selling process for users by managing all post-listing steps and uses its data to determine optimal pricing, ensuring maximum profits. It also guarantees that buyers receive trusted products promptly through its robust inspection and integrated logistics systems.
In November of last year, Mine.is established a comprehensive inspection center called ‘Charan Factory’ covering 2,310 square meters, where it handles all operations including inspection, cleaning, sorting, photographing, packaging, and shipping.
Seo-Jun Kim, CEO of HASHED, said, “Charan has demonstrated steady growth in the nascent recommerce sector with a strategy tailored to the market. We anticipate that the company will continue to lead with its agile and precise execution.”
Hye-Sung Kim, CEO of Mine.is, shared, “We plan to use this investment to enhance our supply chain and management capabilities, and to expand our IT staff to further refine our services. Moving forward, we will continue working hard to allow our customers to buy secondhand clothes that feel like new at reasonable prices, and to conveniently sell their own clothing.”
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